Ministry of Trade, Industry and Energy

Minister Joo discusses economic cooperation with Turkmenistan

Trade, Industry and Energy Minister Joo Hyunghwan (left) shook hands with Turkmenistan's Deputy Prime Minister for Energy Affairs Maksat Babayev at the sixth meeting of the Intergovernmental Turkmen-Korean Commission for Trade, Economic, Scientific and Technological Cooperation in Ashgabat, Turkmenistan, on April 6.  At the meeting, the two parties discussed the ways to further develop trade and investment and reinvigorate economic cooperation.    date2017-04-06

FDI rises 38.1% in 1st quarter

The Ministry of Trade, Industry and Energy announced on April 4 that foreign direct investment (FDI) arriving into Korea in the first quarter of this year jumped 38.1 percent year-on-year to $2.8 billion. The figure reflected that Asia’s fourth-largest economy has steadily grown despite lingering global economic uncertainties. New FDI committed in the first quarter contracted 9.2 percent year-on-year to $3.9 billion, which exceeded an average quarterly amount of $3.7 billion for the past date2017-04-04

Minister Joo, Saudi Minister of Economy and Planning talk about cooperation for Vision 2030

Trade, Industry and Energy Minister Joo Hyunghwan (second from right) and Saudi Arabia’s Economy and Planning Minister Adel M. Fakeih (left) convened a meeting in Riyadh on April 4 to discuss bilateral cooperation for the Kingdom’s Vision 2030, an economic diversification plan.  Minister Joo and his delegation visited Riyadh on April 3 and 4 and met with the Kingdom’s leaders to discuss how the two countries can work together in various economic and industrial fields.&nbs date2017-04-04

Minister Joo meets Saudi Arabia’s Energy Minister

Trade, Industry and Energy Minister Joo Hyunghwan (right) shook hands with Saudi Energy, Industry and Mineral Resources Minister Khalid A. Al Falih during a meeting at the King Abdullah Petroleum Studies and Research Center in Riyadh on April 4. The two Ministers talked about how Korea and Saudi Arabia can cooperate for the Kingdom’s Vision 2030, an economic diversification program.  Minister Joo and his delegation visited Riyadh on April 3 and 4 and met with the Kingdom’s lead date2017-04-04

Minister Joo, Prime Minister of Qatar discuss economic cooperation

Trade, Industry and Energy Minister Joo Hyunghwan (left) met with Prime Minister of Qatar Sheikh Abdullah Bin Nasser Bin Khalifa Al-Thani during his visit to Doha, Qatar, on April 2. Minister Joo and the Prime Minister of Qatar discussed diversification of bilateral cooperation fields from energy and construction to manufacturing, renewable energy, information and communication technology, and smart farming. Minister Joo also held separate meetings with Qatar’s Minister of Economy and Com date2017-04-02

Korea’s exports jump 13.7% to 27-month high in March

The Ministry of Trade, Industry and Energy announced on April 1 that Korea’s exports rose by 13.7 percent to $48.9 billion from a year earlier with outbound shipments of semiconductors, general machinery, and cosmetics reaching record highs.   Exports expanded year-on-year for five consecutive months for the first time in 63 months since December 2011 and at double-digit rates for three straight months for the first time in 66 months since September 2011. The amount of exports notch date2017-04-01

Ministry launches ‘global networking series’ to bridge Korean tech suppliers and global firms

The Ministry of Trade, Industry and Energy announced on March 31 that the Ministry launched the “global networking series” to promote cooperation between Korean suppliers of electronic components and global companies for new opportunities created by industrial convergence in the Fourth Industrial Revolution.    Jointly organized by the Ministry and Korea Electronics Technology Institute (KIET), the Global Networking Series aims to bridge domestic suppliers of semiconducto date2017-03-31

Online retail sales increase 16.3% in February

The Ministry of Trade, Industry and Energy announced on March 30 that online retail sales jumped 16.3 percent in February from a year ago while overall retail sales remained almost unchanged due to the decline in in-store purchases.   Sales of Korea’s 26 major retailers inched up 0.1 percent year-on-year in February as online sales, which account for 34 percent of the total retail sales, surged 16.3 percent and in-store revenues fell 6.6 percent.   Web-based sales continued t date2017-03-30

Minister Joo proposes stronger economic cooperation at 3rd Korea-France High Level Dialogue

Trade, Industry and Energy Minister Joo Hyunghwan (center) delivered a speech at the third Korea-France High Level Dialogue held in central Seoul on March 30.  At the meeting, Minister Joo underscored the Korean government will strive to solve difficulties and inconveniences foreign firms may experience in Korea amid uncertainties at home and abroad including the rising protectionism. Minister Joo proposed expansion of bilateral trade and investment, joint responses to the Fourth Industria date2017-03-30

Ministry invites foreign embassies to Networking Day for Innovation 2017 to promote technological cooperation

Trade, Industry and Energy Director-General for Industrial Technology Policy Park Gun-su (left) posed for a photo with representatives of foreign embassies in Korea at the Networking Day for Innovation 2017 held in southern Seoul on March 30.  The Ministry of Trade, Industry and Energy hosted the event to vitalize innovative policy coordination and technological cooperation among Korea and partner countries in the era of the Fourth Industrial Revolution. Director-General Park said in a sp date2017-03-30